Overview

Description

Two-Tenant Drive Thru Pad - Indio

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Highlights

• 100% Leased to Two NNN Tenants – The property is fully leased to two NNN tenants with no caps on property taxes, insurance, or common area maintenance.
• Castaneda’s Recent 5-Year Extension – Boasting 29 locations, Castaneda’s Mexican Food has operated at this property since 2013 and recently renewed its lease for an additional 5-year term, showing strong commitment to the site.
• Teddy Dental – Teddy Dental is a multi-location high-end children’s dentistry with two locations in the Coachella Valley. Their space features an extensive buildout with high end finishes, multiple dental suites, and substantial dental equipment.
• Drive-Thru Location – In addition to their interior dining area, Castaneda’s benefits from a drive-thru lane featuring a 10+ car stack.
• Diverse Income Stream – Unlike a single tenant asset where the income is based completely on a single tenant’s success or failure, the subject property is diversified across two tenants wherein neither tenant represents more than 57% of the property’s total income.
• 3rd Party Common Area Management – Common areas (including landscaping) are maintained by the owner of the shops portion of the center, offering investors minimal management responsibility.
• E-Commerce Resistant Service Tenants – Both tenants are service oriented and are not easily duplicated online.
• Strong Income Growth – Both leases feature embedded annual rental increases, providing a hedge against inflation.
• High Income Demographics – The average household income within a 5-minute drive time of the subject property exceeds $115,300.
• Surrounded by Major National Retailers – The subject property is surrounded by national retailers including Home Depot, Big Lots, WinCo Foods, Five Below, PetCo, Burlington, Marshalls, Ulta Beauty, 24 Hour Fitness, Dollar Tree, AutoZone, Starbucks, CVS, and more.
• Outparcel to Shadow Hills Plaza – The subject property is situated in Shadow Hills Plaza along with Walgreens, 1st Bank, DaVita, Dominos, State Farm, Goody’s Café, and more.
• High Traffic Signalized Intersection – The intersection of Avenue 42 & Jackson Street features approximately 31,500 CPD.
• Proximity to I-10 Freeway – The subject property is less than 0.4 miles from the I-10 Freeway exits.
• Growing Trade Area: Indio MarketPlace – Haagen Company will begin the redevelopment of Indio Grand Marketplace, formerly known as the Indio Fashion Mall, Modern Residential Units & Hotel – Haagen Company’s project will include 350 new apartment units as well as a 3-to-4 story hotel on the land adjacent to Indio Grand Marketplace, and Oasis and Highway 111 Improvements – College of the Desert began construction on a 67,000 square foot expansion of their Indio Campus. The project is expected to be completed in 2024 and will accommodate an additional 5,000 students.

Documents

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